Plea deal for 20th person charged in flipping fraud

Published: Tuesday, November 27, 2012 at 1:00 a.m.

Last Modified: Monday, November 26, 2012 at 8:14 p.m.

A day after being indicted on bank fraud charges, former Sarasota mortgage banker Scott J. Schuhriemen pleaded guilty to conspiring to make false statements to a federally insured lender.

He was the 20th person to be indicted in the flipping fraud scheme masterminded by former Sarasota real estate agents R. Craig Adams and Rich Bobka.

The speed of Schuhriemen's plea decision undoubtedly was a testament to the sentences that have been doled out thus far in the case.

Two of three people who chose to go to trial -- George Cavallo and Joel Streinz -- received 10 years and five years, respectively. Bobka was hit with a 15-year sentence, but everyone else received three years or less. The more they cooperated with the government, the more mercy they received.

Because Schuhriemen was a relatively minor player in the decade-long conspiracy and has already pleaded, he is unlikely to get anywhere near the maximum sentence of five years and $250,000 in fines.

His Tampa attorney, Gary Roy Trombley, did not return a call seeking comment. If Schuhriemen, a former BB&T employee, agrees to help the government with its ongoing investigation, it could further soften his punishment.

At least one more arrest is expected in the case, according to comments made in court last month by Assistant U.S. Attorney Christopher Tuite.

Schuhriemen's role in the conspiracy, according to his plea agreement, was to help Bobka, Adams and their co-conspirators to get loans from BB&T based on false information.

In 2006 and 2007, Schuhriemen made at least 19 home-equity loans to Adams, Bobka and other members of the conspiracy. Only two of those loans are outlined in the plea agreement.

One was a $150,000 loan on a house at 927 Contento St. on Siesta Key that Adams bought in the name of his aunt, Norma Faye Pearce. The other deal was a $150,000 loan on a house at 7643 Cove Terrace in Sarasota that Adams bought in the name of his mother, Jocelyn.

In both cases, Adams forged the names of his relatives on the loan applications, and Schuhriemen notarized the fraudulent signatures, the plea agreement states.

From 1997 to 2008, Adams, Bobka and their associates completed more than 150 fraudulent real estate deals and borrowed more than $200 million from area banks using false information.

Schuhriemen is scheduled to appear in court Dec. 4 to enter his formal plea before U.S. Magistrate Thomas B. McCoun III.

<p>A day after being indicted on bank fraud charges, former Sarasota mortgage banker Scott J. Schuhriemen pleaded guilty to conspiring to make false statements to a federally insured lender.</p><p>He was the 20th person to be indicted in the flipping fraud scheme masterminded by former Sarasota real estate agents R. Craig Adams and Rich Bobka.</p><p>The speed of Schuhriemen's plea decision undoubtedly was a testament to the sentences that have been doled out thus far in the case.</p><p>Two of three people who chose to go to trial -- George Cavallo and Joel Streinz -- received 10 years and five years, respectively. Bobka was hit with a 15-year sentence, but everyone else received three years or less. The more they cooperated with the government, the more mercy they received.</p><p>Because Schuhriemen was a relatively minor player in the decade-long conspiracy and has already pleaded, he is unlikely to get anywhere near the maximum sentence of five years and $250,000 in fines.</p><p>His Tampa attorney, Gary Roy Trombley, did not return a call seeking comment. If Schuhriemen, a former BB&T employee, agrees to help the government with its ongoing investigation, it could further soften his punishment.</p><p>At least one more arrest is expected in the case, according to comments made in court last month by Assistant U.S. Attorney Christopher Tuite.</p><p>Schuhriemen's role in the conspiracy, according to his plea agreement, was to help Bobka, Adams and their co-conspirators to get loans from BB&T based on false information.</p><p>In 2006 and 2007, Schuhriemen made at least 19 home-equity loans to Adams, Bobka and other members of the conspiracy. Only two of those loans are outlined in the plea agreement.</p><p>One was a $150,000 loan on a house at 927 Contento St. on Siesta Key that Adams bought in the name of his aunt, Norma Faye Pearce. The other deal was a $150,000 loan on a house at 7643 Cove Terrace in Sarasota that Adams bought in the name of his mother, Jocelyn.</p><p>In both cases, Adams forged the names of his relatives on the loan applications, and Schuhriemen notarized the fraudulent signatures, the plea agreement states.</p><p>From 1997 to 2008, Adams, Bobka and their associates completed more than 150 fraudulent real estate deals and borrowed more than $200 million from area banks using false information.</p><p>Schuhriemen is scheduled to appear in court Dec. 4 to enter his formal plea before U.S. Magistrate Thomas B. McCoun III.</p>